(Kitco commentary) - Monday morning, I suggested an opportunity for a long trade in metals with a first target of $23.80 silver and $1930 gold.
Monday morning, I suggested an opportunity for a long trade in metals with a first target of $23.80 silver and $1930 gold. Spot silver hit $23.78 overnight, while gold has thus far stalled at $1905. It seems to me that the secondary target of $24.20 in silver would manifest if gold bulls can get over $1905 for the extra $25 up to $1930. Traders who entered silver can decide whether they are happy with long side scalp.
The 2-hour chart below shows the gold price breaking out of the downward channel in effect since the late July top at $1985. The yellow box represents the $1930ish target With the gold/silver ratio looking deeply oversold on the same timeframe, perhaps the way to press this metals trade is to take the money on silver and add to the gold position, especially if you're sitting on a $10 or $15 cushion on the gold.
I would continue to stay extra vigilant trading this market into Friday. That said, the turn in the gold-to-silver ratio has me thinking this swing trade may morph into a longer-term positional trade, one level at a time.Follow J_GidaroDasilva [email protected] www.kitco.com
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